Business Loan from First Fed. - Northern Michigan Given to Car Washes Company

First Fed. - Northern Michigan and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Lewiston, Michigan was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First Fed. - Northern Michigan, operating out of Alpena, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
LEWISTON, MI 49756

SBA Loan Lender

FIRST FED. - NORTHERN MICHIGAN
100 S SECOND AVE
ALPENA, MI 49707

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

9/8/2005

Loan Approval Gross Amount

$807,000

Loan Approval from the SBA

Of the total $807,000 loan amount, the SBA guaranteed $605,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Fed. - Northern Michigan that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Obtaining Funding - Friends and Family

Banks in Alpena, Michigan

SBA Michigan Lenders